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Financial Stability Oversight Council to hold first meeting on October 1

Today, Treasury Secretary Geithner, who serves as chairperson to the Financial Stability Oversight Council, announced that the Council will hold its first meeting on October 1, 2010. The Council was recently created pursuant to the Dodd-Frank Wall Street Reform and Consumer Protection Act. The Council comprises several high-ranking financial regulators, including the Chairmen of the Federal Reserve, FDIC, SEC and CFTC. The Council's mandate includes providing "comprehensive oversight over the stability" of the United State's financial system and "identifying threats to the financial stability of the United States; promoting market discipline by eliminating expectations on the part of shareholders, creditors, and counterparties of such companies that the government will shield them from losses in the event of failure; and responding to emerging risks to the stability of the United States financial system."‬